Entrepreneurship Management

Developing a Business Idea

Prof Bharat Nadkarni

 We have been programmed to follow the traditional

form of life. We graduate from average colleges, settle
for average jobs, come home every night to crash on
our average beds, and then catch some rather average
dreams.
But there are some of us, who break away from the
conventional way of life to live their dreams.
Heading off on ones own is not a concept Indian
techies or management students/ freshers are
conditioned with. They prefer jumping on the shoulders
of multinationals for securing their careers, thus
conforming to societal pressures.

Entrepreneurship is about committing oneself 110 per

cent to the business proposition that one is offering to
the marketplace. The odds are heavily against an
entrepreneur: he or she is often a novice, unconnected,
with not much brand value, strapped on resources, etc.
In this context, it is the commitment and burning desire
to prevail and succeed that will carry him or her through
in the initial years.
Entrepreneurship is not taught but embedded,
developed and nurtured. It is relatively easy to be
creative (in terms of producing ideas) but it is infinitely
more demanding for creative thinking to result in
practical innovation (in terms of producing new goods
and services).

Entrepreneurship Management
Opportunity is a business concept, which if turned into a
tangible product or service, by us, will result into profit and
eventually a lifetime of commitment. It is all about creating a

SUCCESS STORY.
Parameters for assessment
Market Potential
Market Share
Routes to Market
Protection
Business Viability

Is it worth?

Entrepreneurship Management
Importance of Identifying the right business opportunity
Long term consequences A business is created to last for
a reasonable period. Its success makes the entrepreneurs
career.
It is a commitment, which can not be easily reversed.
Resources are employed to create a business. These
resources are wasted, if not employed.
Ideas are put into actions. It is like a dream realized.

The Product Planning & Development Process

Idea Stage & Evaluate
Concept Stage & Evaluate
Laboratory development
Product Development Stage & Evaluate
Pilot production run
Test Marketing Stage & Evaluate
Semi commercial plan trials
Commercialisation Stage & P L C (I-G-M-D)